Cowbell Cyber expands cyber coverage
Cowbell Cyber has announced an agreement with Palomar Excess & Surplus Insurance Company.
The expansion of Cowbell's relationship with Palomar doubles the available reinsurance capacity for Cowbell Prime 250, Cowbell's cyber coverage for businesses with up to $250m in revenue. The agreement brings Cowbell's total global reinsurance panel to 9 providers – including Cowbell Re.
Cowbell said that it is rapidly renewing and expanding its insurance capacity partnerships to address the exploding market demand for cyber insurance while aggressively deploying innovative services to control losses.
“This new multi-year contract with Palomar is an exciting next step as we continue to expand our innovative underwriting strategy while partnering in building a profitable insurance portfolio,” said Trent Cooksley, co-founder and chief operating officer at Cowbell Cyber. “We've made it our duty to help organizations become more secure by bundling, with our policies, resources that policyholders need to improve their cybersecurity standing and proactively remediate cyber exposures.”
Cowbell's in-house team of cyber claims experts contribute directly in minimising claim severity by intervening immediately when cyber incidents get reported. This, along with Cowbell's innovative services to control losses, allows the company to keep reported claims under 2% across all programs since inception.
“This expansion of the Program is significant in two ways- the increase in capacity from existing markets and the new markets that have joined in this very challenging environment,” said Jason Sears, executive vice president at Palomar. “It is a testament that this was achievable through our combined efforts and the support of Gallagher Re on the placement.”